Acala wins the first Parachain auction slot at Polkadot
Riding on the strength of over 81,000 community members, Acala Network, an Ethereum-Compatible Smart Contract Platform Optimized for Decentralized Finance (DeFi) won the first parachain auction on the Polkadot Network.
The historic milestone comes after investors pledged more than 32 million DOT tokens valued at more than $ 1.28 billion. The DOT was donated to the Acala network as a loan and will be billed by the platform with additional incentives in the form of the protocol’s native token, ACA.
The Polkadot Network is a decentralized and intelligent chain protocol between the chains that encourages the movement of assets between its parachains. The network’s council has put the first Parachain up for auction and five different protocols are expected to be the first platforms to hit the market on December 17th.
With the acquisition of Acala, four more projects are now endeavoring to secure a similar place in the coming days.
“With over 32 million DOT from over 81,000 community members, Acala won the first Parachain auction on @Polkadot! Thank you to everyone who attended this historic event, ”said a tweet. “It is a testament to @Polkadot’s strength that so many talented teams are in the running to be in the top five projects to kick off on December 17th. In that regard, we are all winners. We look forward to starting the multi-chain future with you! “
The second Parachain auction is running with Moonbeam, an Ethereum (ETH) compatible smart contract platform designed to build interoperable applications to win second place. While the protocol is still under development, its main network will be billed before the end of the year.
To date, Moonbeam has raised a total of 34.2 DOTs worth $ 1.36 billion, building on its position alongside other protocols such as Clover Finance and Manta Network, among others. The rising demand for the DOT token is expected to drive the price of the coin higher in the coming weeks.
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